Market Update
Weekly Losses In China Stocks Trim May Gains, Hang Seng Advances 5%
Li Chen
30 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong fell sharply on Friday and trimmed monthly advances amid yet another twist in U.S. trade policy.
The Hang Seng index decreased as much as 1.7%, and the mainland-focused CSI 300 declined as much as 0.8% after growing uncertainties about the U.S. trade policy.
A federal appeals court reinstated tariffs for now, after the Trump administration lost the case in the U.S. Court of International Trade.
The appeals court is expected to make its ruling in about two weeks, setting the stage for the case to go all the way to the U.S. Supreme Court next month.
The unpredictability of the Trump administration is weighing on port operations on the West and East Coasts, and businesses are struggling to adjust to the head-spinning shifts in constantly changing rules.
Key trading partners are also not likely to offer concessions until the legality of the tariffs is resolved, further delaying the negotiations.
For the week, the Hang Seng index declined 1.2%, and the mainland-focused CSI 300 index eased 0.8%.
In May, the Hang Seng index jumped 5%, and the mainland-focused CSI 300 index advanced 2.5%.
China Indexes and Stocks
The Hang Seng Index declined 1.5% to 23,217.01, and the mainland-focused CSI 300 index dropped 0.3% to 3,846.02.
Alibaba Group Holding declined 4.5% to HK $113.20, Meituan decreased 1.3% to HK $138.40, and Tencent Holding dropped 3.2% to HK $499.40.
Orient Overseas Ltd. declined 6% to HK $134.40, CK Hutchison Holdings edged down 0.6% to HK $42.60, and COSCO Shipping declined 2.3% to HK $0.96.
Weekly Losses In China Stocks Trim May Gains, Hang Seng Advances 5%
Li Chen
30 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong fell sharply on Friday and trimmed monthly advances amid yet another twist in U.S. trade policy.
The Hang Seng index decreased as much as 1.7%, and the mainland-focused CSI 300 declined as much as 0.8% after growing uncertainties about the U.S. trade policy.
A federal appeals court reinstated tariffs for now, after the Trump administration lost the case in the U.S. Court of International Trade.
The appeals court is expected to make its ruling in about two weeks, setting the stage for the case to go all the way to the U.S. Supreme Court next month.
The unpredictability of the Trump administration is weighing on port operations on the West and East Coasts, and businesses are struggling to adjust to the head-spinning shifts in constantly changing rules.
Key trading partners are also not likely to offer concessions until the legality of the tariffs is resolved, further delaying the negotiations.
For the week, the Hang Seng index declined 1.2%, and the mainland-focused CSI 300 index eased 0.8%.
In May, the Hang Seng index jumped 5%, and the mainland-focused CSI 300 index advanced 2.5%.
China Indexes and Stocks
The Hang Seng Index declined 1.5% to 23,217.01, and the mainland-focused CSI 300 index dropped 0.3% to 3,846.02.
Alibaba Group Holding declined 4.5% to HK $113.20, Meituan decreased 1.3% to HK $138.40, and Tencent Holding dropped 3.2% to HK $499.40.
Orient Overseas Ltd. declined 6% to HK $134.40, CK Hutchison Holdings edged down 0.6% to HK $42.60, and COSCO Shipping declined 2.3% to HK $0.96.
Federal Court Blocks Poorly Introduced Tariffs, Protracting Trade Uncertainty
Barry Adams
29 May, 2025
New York City
Wall Street indexes roared back after a federal court struck down unilateral tariffs announced by the U.S. president.
The S&P 500 index rose 0.9%, and the tech-heavy Nasdaq advanced 1.1% amid hopes that the poorly introduced Trump tariffs may be delayed for several months.
The U.S. Court of International Trade's three-judge panel ordered the Trump administration to stop collecting tariffs within 10 working days, ruling that the president wrongfully used emergency laws to justify levies.
The order stops 30% tariffs on China, 25% tariffs on some imports from Mexico and Canada, and 10% universal tariffs on global imports.
However, the ruling does not apply to 25% tariffs on vehicle and parts imports that were subject to Section 232 and Section 301.
The federal court's ruling brought an immediate halt to Donald Trump's signature global trade policy, further complicating the chaotic introduction of import tax.
The federal court added that the president's tariffs fail to perform the stated objective of limiting drug trafficking into the U.S.
The White House said it plans to appeal the federal court's decision, as judges ordered the administration to stop collecting tariffs and blocked levies permanently.
Trump's chaotic and incoherent and now illegal tariffs have whiplashed world markets, driving stock market volatility to a record high and throwing thousands of small businesses closer to bankruptcy.
Stock market indexes rebounded in Thursday's trading, driven by expectations that additional delay in implementing sky-high import tax may delay the rebound in inflation.
Moreover, solid earnings from Nvidia supported market enthusiasm after the artificial intelligence chip maker reported sharply higher quarterly earnings and revenues.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.5% to 5,915.83, the Nasdaq Composite edged up 0.8% to 19,256.31, and the Russell 2000 index advanced 0.4% to 2,076.10.
The yield on 2-year Treasury notes edged lower to 3.98%, 10-year Treasury notes decreased to 4.46%, and 30-year Treasury bonds declined to 4.97%.
WTI crude oil decreased $0.38 to $61.48 a barrel, and natural gas prices edged lower by $0.01 to $3.52 a thermal unit.
Gold increased by $26.58 to 3,313.00 an ounce, and silver edged up by $0.31 to $33.28.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.43 to 99.45 and traded at the lowest level since April 2022.
U.S. Stock Movers
Nvidia Corp. soared 5.3% to $141.90, and the artificial intelligence chip maker reported sharply higher earnings and revenue in the latest quarter.
The chip maker guided second-quarter revenue to be $45.0 billion, plus or minus 2%, compared to $30.0 billion a year ago.
The outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
Capri Holdings advanced 1.6% to $18.32, and the parent company of Versace and Jimmy Choo reported a smaller-than-expected decline in revenue in the fiscal fourth quarter.
The luxury fashion company reported a 15% decline in revenue and a wider loss in the latest quarter and trimmed its outlook, citing macroeconomic uncertainty.
Salesforce Inc. declined 1.4% to $271.52, and the customer relations management software company reported better-than-expected revenue and earnings in the latest quarter.
The company also boosted its annual outlook.
Federal Court Blocks Poorly Introduced Tariffs, Protracting Trade Uncertainty
Barry Adams
29 May, 2025
New York City
Wall Street indexes roared back after a federal court struck down unilateral tariffs announced by the U.S. president.
The S&P 500 index rose 0.9%, and the tech-heavy Nasdaq advanced 1.1% amid hopes that the poorly introduced Trump tariffs may be delayed for several months.
The U.S. Court of International Trade's three-judge panel ordered the Trump administration to stop collecting tariffs within 10 working days, ruling that the president wrongfully used emergency laws to justify levies.
The order stops 30% tariffs on China, 25% tariffs on some imports from Mexico and Canada, and 10% universal tariffs on global imports.
However, the ruling does not apply to 25% tariffs on vehicle and parts imports that were subject to Section 232 and Section 301.
The federal court's ruling brought an immediate halt to Donald Trump's signature global trade policy, further complicating the chaotic introduction of import tax.
The federal court added that the president's tariffs fail to perform the stated objective of limiting drug trafficking into the U.S.
The White House said it plans to appeal the federal court's decision, as judges ordered the administration to stop collecting tariffs and blocked levies permanently.
Trump's chaotic and incoherent and now illegal tariffs have whiplashed world markets, driving stock market volatility to a record high and throwing thousands of small businesses closer to bankruptcy.
Stock market indexes rebounded in Thursday's trading, driven by expectations that additional delay in implementing sky-high import tax may delay the rebound in inflation.
Moreover, solid earnings from Nvidia supported market enthusiasm after the artificial intelligence chip maker reported sharply higher quarterly earnings and revenues.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.5% to 5,915.83, the Nasdaq Composite edged up 0.8% to 19,256.31, and the Russell 2000 index advanced 0.4% to 2,076.10.
The yield on 2-year Treasury notes edged lower to 3.98%, 10-year Treasury notes decreased to 4.46%, and 30-year Treasury bonds declined to 4.97%.
WTI crude oil decreased $0.38 to $61.48 a barrel, and natural gas prices edged lower by $0.01 to $3.52 a thermal unit.
Gold increased by $26.58 to 3,313.00 an ounce, and silver edged up by $0.31 to $33.28.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.43 to 99.45 and traded at the lowest level since April 2022.
U.S. Stock Movers
Nvidia Corp. soared 5.3% to $141.90, and the artificial intelligence chip maker reported sharply higher earnings and revenue in the latest quarter.
The chip maker guided second-quarter revenue to be $45.0 billion, plus or minus 2%, compared to $30.0 billion a year ago.
The outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
Capri Holdings advanced 1.6% to $18.32, and the parent company of Versace and Jimmy Choo reported a smaller-than-expected decline in revenue in the fiscal fourth quarter.
The luxury fashion company reported a 15% decline in revenue and a wider loss in the latest quarter and trimmed its outlook, citing macroeconomic uncertainty.
Salesforce Inc. declined 1.4% to $271.52, and the customer relations management software company reported better-than-expected revenue and earnings in the latest quarter.
The company also boosted its annual outlook.
European Markets Rebounded After US Court Blocked Bulk of Tariffs
Bridgette Randall
29 May, 2025
London
European markets surged after a U.S. court ruling blocked global tariffs imposed by the U.S. president.
Benchmark indexes in Frankfurt, Paris, Milan, and London jumped in the hopes that the "permanent injunction" by a court in Manhattan will at least temporarily delay tariffs.
The U.S. Court of International Trade's three-judge panel ordered the Trump administration to implement the block within 10 working days, citing that the president wrongfully used emergency laws to justify levies.
The order stops 30% tariffs on China, 25% tariffs on some imports from Mexico and Canada, and 10% universal tariffs on global imports.
However, the ruling does not apply to 25% tariffs on vehicle and parts imports that were subject to Section 232 and Section 301.
Global markets have swung wildly over the last two months after the U.S. president announced the so-called "reciprocal tariffs" on April 2.
The court's ruling is the latest iteration over the last ten weeks, as the Trump administration has walked back and shifted stance for key trading partners amid resistance from key trading partners—China, Mexico, and Canada.
Despite the court's permanent ban, investors fear that the Trump administration will find other ways to impose tariffs or trade barriers, potentially limiting international trade and raising prices for American consumers and businesses.
Europe Indexes and Yields
The DAX index increased by 0.6% to 24,185.37, the CAC-40 index edged higher 1.0% to 7,866.14, and the FTSE 100 index advanced 0.02% to 8,727.87.
The yield on 10-year German bonds inched higher to 2.58%, French bonds increased to 3.24%, the UK gilts moved down to 4.72%, and Italian bonds edged higher to 3.57%.
The euro decreased to $1.13; the British pound was lower at $1.35; and the U.S. dollar was higher and traded at 82.96 Swiss cents.
Brent crude increased $0.97 to $65.89 a barrel, and the Dutch TTF natural gas was higher by €0.46 to €36.99 per MWh.
Europe Movers
Semiconductor and artificial intelligence-linked stocks advanced after Nvidia reported a surge in revenue and earnings in its latest quarter.
Infineon Technologies increased 2.2% to €35.18, STMicroelectronics advanced 2.4% to €22.92, and ARM Holdings PLC advanced 3.2% to €124.0.
Luxury stocks were among the top performers after the U.S. court ruling.
Kering SA increased 1.5% to €176.14, LVMH added 1.2% to €489.30, and Hermes International gained 1% to €2,407.0.
European Markets Rebounded After US Court Blocked Bulk of Tariffs
Bridgette Randall
29 May, 2025
London
European markets surged after a U.S. court ruling blocked global tariffs imposed by the U.S. president.
Benchmark indexes in Frankfurt, Paris, Milan, and London jumped in the hopes that the "permanent injunction" by a court in Manhattan will at least temporarily delay tariffs.
The U.S. Court of International Trade's three-judge panel ordered the Trump administration to implement the block within 10 working days, citing that the president wrongfully used emergency laws to justify levies.
The order stops 30% tariffs on China, 25% tariffs on some imports from Mexico and Canada, and 10% universal tariffs on global imports.
However, the ruling does not apply to 25% tariffs on vehicle and parts imports that were subject to Section 232 and Section 301.
Global markets have swung wildly over the last two months after the U.S. president announced the so-called "reciprocal tariffs" on April 2.
The court's ruling is the latest iteration over the last ten weeks, as the Trump administration has walked back and shifted stance for key trading partners amid resistance from key trading partners—China, Mexico, and Canada.
Despite the court's permanent ban, investors fear that the Trump administration will find other ways to impose tariffs or trade barriers, potentially limiting international trade and raising prices for American consumers and businesses.
Europe Indexes and Yields
The DAX index increased by 0.6% to 24,185.37, the CAC-40 index edged higher 1.0% to 7,866.14, and the FTSE 100 index advanced 0.02% to 8,727.87.
The yield on 10-year German bonds inched higher to 2.58%, French bonds increased to 3.24%, the UK gilts moved down to 4.72%, and Italian bonds edged higher to 3.57%.
The euro decreased to $1.13; the British pound was lower at $1.35; and the U.S. dollar was higher and traded at 82.96 Swiss cents.
Brent crude increased $0.97 to $65.89 a barrel, and the Dutch TTF natural gas was higher by €0.46 to €36.99 per MWh.
Europe Movers
Semiconductor and artificial intelligence-linked stocks advanced after Nvidia reported a surge in revenue and earnings in its latest quarter.
Infineon Technologies increased 2.2% to €35.18, STMicroelectronics advanced 2.4% to €22.92, and ARM Holdings PLC advanced 3.2% to €124.0.
Luxury stocks were among the top performers after the U.S. court ruling.
Kering SA increased 1.5% to €176.14, LVMH added 1.2% to €489.30, and Hermes International gained 1% to €2,407.0.
Europe Movers: Autotrader, Holland Colours, Nationwide Building Society
Inga Muller
29 May, 2025
Frankfurt
Autotrader Group Plc. inched up 0.04% to 900.40 pence after the UK-based digital automotive platform operator reported strong results for the full year ending in March.
Revenue edged up to £601.1 million from £570.9 million, profit jumped to £282.6 million from £256.9 million, and diluted earnings per share rose to £31.56 from £28.07 a year ago.
“We expect retailer revenue growth to improve to between 5% and 7% for fiscal year 2026,” the company said in a release to investors.
Growth will be stronger in the second half, which would benefit the start of fiscal year 2027, the company added in the statement.
Vehicle and accessory sales, which have no impact on profit, are likely to be £20 million in fiscal year 2026.
Nationwide Building Society dropped 1.2% to £129.88 after the mutual financial and building company reported preliminary results for the fiscal year ending in March.
Total income increased to £7.48 billion from £4.78 billion, and profit attributable to members edged up to £2.30 billion from £1.30 billion a year ago.
Assets under management increased to £367.88 billion from £272.09 billion a year earlier.
Holland Colours NV traded flat at €107 after the provider of solid and liquid colorants, color masterbatches, and advanced polymer additives reported strong results for the fiscal year ending in March.
Revenue increased to €112.35 million from €103.28 million, net income jumped to €5.89 million from €5.18 million, and diluted earnings per share rose to €6.85 from €6.02 a year ago.
Sales in the EMEIA and the Americas divisions increased, while in Asia they fell from a year earlier.
The company proposed a final dividend of €6.85 per share for a total of €5.9 million.
Europe Movers: Autotrader, Holland Colours, Nationwide Building Society
Inga Muller
29 May, 2025
Frankfurt
Autotrader Group Plc. inched up 0.04% to 900.40 pence after the UK-based digital automotive platform operator reported strong results for the full year ending in March.
Revenue edged up to £601.1 million from £570.9 million, profit jumped to £282.6 million from £256.9 million, and diluted earnings per share rose to £31.56 from £28.07 a year ago.
“We expect retailer revenue growth to improve to between 5% and 7% for fiscal year 2026,” the company said in a release to investors.
Growth will be stronger in the second half, which would benefit the start of fiscal year 2027, the company added in the statement.
Vehicle and accessory sales, which have no impact on profit, are likely to be £20 million in fiscal year 2026.
Nationwide Building Society dropped 1.2% to £129.88 after the mutual financial and building company reported preliminary results for the fiscal year ending in March.
Total income increased to £7.48 billion from £4.78 billion, and profit attributable to members edged up to £2.30 billion from £1.30 billion a year ago.
Assets under management increased to £367.88 billion from £272.09 billion a year earlier.
Holland Colours NV traded flat at €107 after the provider of solid and liquid colorants, color masterbatches, and advanced polymer additives reported strong results for the fiscal year ending in March.
Revenue increased to €112.35 million from €103.28 million, net income jumped to €5.89 million from €5.18 million, and diluted earnings per share rose to €6.85 from €6.02 a year ago.
Sales in the EMEIA and the Americas divisions increased, while in Asia they fell from a year earlier.
The company proposed a final dividend of €6.85 per share for a total of €5.9 million.